Chris Albrecht to Stay Atop Starz After Lionsgate Acquisition

CEO just re-upped his deal through 2020

Last Updated: June 30, 2016 @ 7:39 AM

Lionsgate may be buying Starz, but that doesn’t mean the acquired company’s CEO will be hitting the unemployment line.

“We expect Chris not only to continue to run Starz, but also to have a major participation in the leadership of the entire combined company, including joining our executives committee,” Lionsgate CEO Jon Feltheimer said Thursday during a conference call.

Albrecht was there too, and encouraged to pipe up.

“I think the opportunities are enormous,” he said. “I’m looking to just contribute in any way that I can.”

Considering Albrecht just signed a new deal on Monday to remain CEO through 2020, the public vote of confidence makes sense. Albrecht also added the title of “President” to his business card at the time.

Lionsgate agreed to acquire Starz in a $4.4 billion cash and stock deal announced this morning. The two companies had been flirting with each other for quite some time.

Share prices for both companies immediately jumped double digits once the U.S. stock markets opened on Thursday, probably because Lionsgate agreed to pay essentially an 18 percent premium on Starz stock price.

The acquisition is expected to close later this year.